CHAMPtitles, whose patent-pending technology is designed to reduce the time it takes to transfer vehicle titles, has announced the closing of an $ 8.5 million Series A investment. The company was founded in 2018 by entrepreneur Bernie Moreno as part of his blockchain-based technology company, Ownum LLC.
The roundtable was led by EOS Venture Partners, a London-based venture capital firm that focuses on insurance technology, and WR Berkley Corp., a Greenwich-based commercial property and casualty insurance holding company, Connecticut. Funding for Series A typically comes from venture capitalists who see a company that has shown it can create a working product.
“We are delighted to support CHAMPtitles,” said Jonathan Kalman, founding partner of EOS Venture Partners, in a press release. “CHAMP securely digitizes what is currently a complex paper-based process and in doing so helps everyone involved in selling a vehicle. They are in the right place, at the right time, fulfilling a digitization need. nationwide transfer of auto titles. “
CHAMPtitles’ technology is designed for insurance companies, auto retailers, lenders, and state governments. Its Digital Total Loss program enables insurers to acquire and dispose of total loss vehicles more quickly by digitizing the ownership transfer process. When a car is totaled, the owner receives payment from the insurance company for the fair market value of the vehicle, and the insurance company takes possession of the vehicle. But before you can sell the vehicle for parts or to a junkyard, the insurance company has to wait for the car’s title to be processed, which can take weeks.
“The transfer of title after a total loss is a slow process that involves many parties, digitization allows the entire chain of participants in a transfer of title to cooperate in a secure and efficient manner,” said Mike Nannizzi, director of WR Berkley, in the press release. . “We believe that Champ’s team and technology are best positioned to seize this very important opportunity.”
In April, CHAMPtitles collaborated with Copart Inc., a Dallas-based online vehicle auction company, on an automated digital platform for car dealers, including insurance companies, to reduce the need for the processing of paper vehicle titles.
“In the wake of the recent announcement of our strategic partnership with Copart, Inc., we are honored to receive such accomplished institutional and strategic investor investments,” said Shane Bigelow, CEO of CHAMPtitles, in the release. “This funding will allow us to deploy CHAMPtitles more quickly to more users across the United States.”
Other investors in CHAMPtitles include A100x Ventures, Ally Ventures, Guidewire Software Inc., Sadie Ventures, State Auto Insurance Co., Westerly Ventures and XBTO Humla Ventures.
CHAMPtitles is one of two companies operating under the umbrella of Moreno’s Ownum LLC. The other, Vital Chain, digitizes medical records. Moreno is currently running for the Republican nomination for the seat of the United States Senate currently held by retired Senator Rob Portman.